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Contra Asset Account Examples. In bookkeeping, a contra asset account is an asset account in which the balance of the account will either be a zero or a credit (negative) balance. An example of this is accumulated depreciation.
Contra asset accounts are useful when in bookkeeping terms a business needs to keep the two accounts separate so as not to lose information, but for The two most common examples of contra asset accounts are the accumulated depreciation contra account, and the allowance for doubtful.
The outstanding balance of a contra asset account represents a credit figure.
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If an account has debit balance (e.g for an Asset a/c), then there will be a credit balance in its contra account. A regular asset account typically carries a debit balance, so a contra asset account carries a credit balance. For example, let's say your accounts receivable balance is Contra asset accounts can be used in a variety of areas, but there are three contra asset examples that you should pay close attention to.